Mirvac arm Domaine Steel had successfully sued Ocean Street Holdings and another of Mr Tinkler's companies and guarantor, Buildev Group, in the NSW Supreme Court after they failed to honour an agreement to buy industrial land for a new coal terminal in Newcastle.

Mr Tinkler was given a court-ordered deadline to pay Mirvac $17 million, but when the deadline was missed, Mirvac lodged a contempt of court order to sequester Mr Tinkler's assets.